time settles all things

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Mortgage and Lending with Cherry Creek Mortgage

This past summer in June we helped a young couple purchase their first home... is was a very rough loan... when we first met with them in April they had mid 400 scores... we help them clean up some easy things on their credit... their parents help gifts funds... the problems came in when so may on the subprime lenders we were going out of business... we were switching lenders three times in the last two weeks... and the terms of the loan were getting worst... as hard as we tried to explain, the realtor they were working with was throwing  gas on a emotional fire that needed to be calmed down not stirred up... Bottom line the loan closed and we all went about our ways... today we received a call from the customer stating that they had been trying to refi this loan and had explained what they had been thru... both mortgage companies back us up and said it was nothing short of a miracle that their loan closed in the first place, much less try to refi them... we have some work to do here but we should able to refi them at conforming rates in a few weeks... what a ride this was...

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Rainmaker
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Alexander Harb
Knights Investing - Mesquite, TX
Dallas, Texas Real Estate Investing

GOOD for you, Rick.... I am awed at what God can do in such tough situations.......

God bless ya, brother!!

\O/

Jan 25, 2008 07:04 PM #1
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Rick guidelines are tightening up especially on the Refi end of the business.  People also need to look at the Closing Costs that they are going to incur all over again and not just the interest rate, especially if their loan is fairly new.

Also Realtors need to let Loan Officers handle the financing and stay out of it, just like Loan Officers need to let the Realtors handle the Real Estate transaction and stay out of that.

Transactions go much smoother if we all just do our job and stay out of the other professionals way. 

Jan 26, 2008 11:02 AM #2
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Rainmaker
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Rick Kellow

FHA & Reverse Mortgage Expert
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